1. Reverse Mortgage Awareness

You learn about Reverse Mortgages – Home Equity Conversion Mortgages (HECM) from a news article, Internet advertisement, TV advertisement, word-of mouth, etc.

2. Reverse Mortgage Action

You seek additional information and documentation by contacting Gateway Funding Diversified Mortgage Services, L.P., FHA/HUD, Fannie Mae, AARP, NCOA (National Counsel of Aging), National Reverse Mortgage Lenders Association (NRMLA), or the National Center for Home Equity Conversion.

3. Reverse Mortgage Application

A Gateway Funding Reverse Mortgage Specialist meets with you in your home to complete a Reverse Mortgage loan application. They assist you in selecting the right product and payment option(s): fixed monthly payment, lump sum payment, line of credit, or a combination of these. They disclose to you the estimated total cost of the loan with a Good Faith Estimate (GFE), as required by the Federal Truth in Lending Act. They collect money for home appraisal. You provide your Reverse Mortgage Specialist with required information including photo ID (driver’s license), verification of Social Security Number, copy of deed to home, homeowners insurance declaration page, and information on any existing mortgage(s).

4. Reverse Mortgage Counseling

You obtain counseling from a HUD-approved counseling agency. Counseling is mandatory regardless of which Reverse Mortgage product you choose. Counseling may be done in person or by telephone. The counselor provides supplemental information on Reverse Mortgages, determines whether you're eligible to get a Reverse Mortgage, and discusses other options that may be available to assist you with your daily living. You will be given a counseling certificate; you sign and return the Counseling Certificate to your Reverse Mortgage Specialist as proof you were counseled.

5. Reverse Mortgage Processing

Gateway Funding Diversified Mortgage Services, L.P., orders appraisal, title, credit report (to check for liens and judgments), lien payoffs, etc. An appraiser comes to your home. The appraiser assigns a value to the home, based on recent comparable sales, and determines the physical condition of the property.

6. Reverse Mortgage Closing

Following approval, closing (signing) of loan is scheduled in your home or in the office of the closing agent. Closing documents and exact figures are prepared. Closing costs are normally financed as part of the reverse mortgage loan.

7. Reverse Mortgage Disbursement

You have three business days after signing the loan documents in which to cancel the reverse mortgage loan. Upon expiration of this period, the loan funds are disbursed via check or electronic funds transfer. You access the funds in the form of the payment option selected. Any existing debt on the home is paid off. A new lien is placed on the home. You may use the loan proceeds for any purpose. During the life of the loan, the loan "servicer" disburses monthly payments to the homeowner (if this option is chosen), advances line of credit funds upon request, collects any repayments on the line of credit, and sends monthly statements.

Start the Reverse Mortgage process today and have the CASH in hand next month!